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Retirement Perspectives

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IRAs: Six SIMPLE Rules for Small-Employer Plans

SIMPLE IRAs are a popular retirement-plan option that features low cost, flexibility, and minimal administrative requirements. Here’s what plan sponsors and participants need to know.

For many small-business owners, the waning summer season is a reminder that the leisurely days soon will be replaced with the more eventful schedule of fall, including preparing for the deadline of October 1 to establish a SIMPLE IRA plan for 2018.

The SIMPLE IRA was created in 1996 as part of the Small Business Job Protection Act (SBJPA), replacing the SAR SEP IRA, and now it has become a popular retirement-savings plan for small businesses and sole proprietors alike, due to its low cost, flexibility, minimal administrative requirements, and, yes, simplicity. In addition, SIMPLEs generally are not subject to the numerous requirements of the Employee Retirement Income Security Act (ERISA) that qualified plans must follow. This makes the SIMPLE IRA well worth considering when discussing the numerous workplace retirement-plan savings options with your clients. Like all tax-advantaged accounts, SIMPLE IRAs have a myriad of rules that must be closely adhered to, or the holder may face unintended consequences. Below, I discuss the rules that have often escaped advisors, accountants, and attorneys in the past, as well as one newer rule that may not be on their radar.

1) 100-employee rule—Any type of entity, including tax-exempt organizations and governmental entities that had no more than 100 employees with $5,000 or more in compensation during the preceding calendar year, can establish a SIMPLE IRA plan.

There is a grace period for employers who subsequently fail to satisfy the 100-employee limit. An employer that maintains a SIMPLE plan for at least one year and, subsequently, ceases to satisfy the 100-employee limit in a later year, will be treated as though the employer had met the requirement for the two calendar years immediately following the calendar year for which the limit was last met.

2) Exclusive plan rule—A SIMPLE IRA must be the only qualified retirement plan (e.g., 401(k), SEP, 403(b), etc.) that an employer maintains during a calendar year. In other words, plan sponsors generally cannot establish a SIMPLE plan if they maintain a 401(k) or other qualified plan in the same year in which contributions are made. However, there is an exception: if another qualified plan is maintained for union employees covered by collective bargaining agreements, the plan sponsor may maintain a SIMPLE IRA for the other non-union employees.

If no contributions are made and no benefits accrue to an existing qualified plan of the employer during this time period, the employer will satisfy the requirement.

3) Plan establishment—Government rules mandate that a new SIMPLE IRA plan must be established between January 1 and October 1 of the year in which the plan is being started. For example, a new SIMPLE must be established by October 1, 2018, to be effective for the 2018 plan year. Those plans established after October 1 would not be effective until January 1, 2019, at the earliest. Notably, an exception applies for a newly established business. If you’re a new employer that started your business after October 1, you can establish a SIMPLE IRA plan for the plan year by the end of the same calendar year as soon as administratively feasible after your business came into existence.

Tip: SIMPLE IRA plans can be maintained only on a calendar-year basis.

4) Annual notice—SIMPLE IRA plan sponsors must distribute an employee notice annually to all eligible plan participants. November 1, 2018, is the notification deadline for employers that will continue to offer a SIMPLE IRA plan in the 2019 plan year. The notice provides employees a wealth of plan information, including the opportunity to participate in the plan by making salary deferrals, or to change the amount previously being deferred. In addition, the notice informs the participant of the employer contribution formula (e.g., 3% match or 2% non-elective contribution). Once the employer has chosen the contribution formula, it cannot be modified till the following plan year. Further, an employer is not permitted to terminate a plan during the plan year.

5) Rollovers—Rollovers are now easier under recent legislation that gives SIMPLE IRAs full portability.

In late 2015, the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) was signed into law. The legislation contained a SIMPLE IRA rollover sweetener: SIMPLE IRA participants can now roll over employer plan assets (e.g., funds from IRAs, 401(k)s, 403(b)s, 457(b)s, etc.) into their SIMPLE IRA account.

Typically, unless an exception applies, investors who take IRA distributions before age 59½ are subject to a 10% early-distribution penalty, plus income taxes on the amount withdrawn. In general, the same tax rules apply to all IRAs, including a SEP IRA. Unlike any other IRA, SIMPLE IRAs have a unique rule in regard to distributions: the penalty on certain distribution from a SIMPLE IRA can be as high as 25%, if the withdrawal occurs within the first two years of plan participation. Therefore, participants are subject to a two-year holding period that restricts distributions, conversions, or rolling over assets into any account other than another SIMPLE IRA for two years from the date of initial participation, that is, the date that contributions are deposited into a worker’s SIMPLE IRA.

Now, since Congress passed the PATH Act, the two-year rule takes on even more importance. Rollovers will be permitted only after the participant has satisfied a two-year holding period. Prior to enactment, only SIMPLE assets could be rolled into a SIMPLE IRA. This legislation places SIMPLEs on equal footing with their retirement plan brethren, in that they allow full portability.

During the initial two-year period, participants cannot roll over their SIMPLE IRA assets (even with a direct, “trustee-to-trustee” transfer) to another workplace retirement plan or convert the SIMPLE IRA assets to a Roth IRA without being assessed a 25% penalty. It is, however, permissible to transfer assets to another SIMPLE IRA provider within the first two years. In general, participants may move their accounts to another SIMPLE IRA provider at any time without being penalized.

6) Required minimum distributions (RMDs)—Workers older than 70½ are eligible to participate in a SIMPLE IRA, although they also are subject to RMDs. (Read more about RMDs here.)

Now that we’ve addressed the key rules to follow, let’s address some important questions on SIMPLE IRAs that employers and plan participants may have:

Q: Can an employer sponsor another retirement plan in the same year as a SIMPLE?

A: No. As we noted earlier, SIMPLE IRAs are subject to an “exclusive plan rule.” A SIMPLE plan must be the only qualified plan maintained by the employer.

Tip: This rule does not affect IRA eligibility. Eligible employees can contribute up to the maximum annual limit to their traditional or Roth IRAs, in addition to SIMPLE participation.

Q: When can employees make withdrawals from their SIMPLE IRAs?

A: At any time, but they should proceed with caution. Any withdrawals before age 59½ are subject to a 25% penalty during the first two years of participation in a SIMPLE IRA. For example, converting SIMPLE assets to a Roth IRA or rolling assets to a 401(k) plan within the first two years will subject an employee to the 25% penalty.

Tip: The two-year rule does not apply to SIMPLE-to-SIMPLE transfers. In other words, employees can transfer their SIMPLE accounts directly to a new SIMPLE IRA provider at any time, without incurring taxes or penalties.

Q: Are SIMPLE plans required to file IRS Form 5500?

A: No. Form 5500 is intended to satisfy annual reporting requirements for ERISA-covered qualified plans, such as 401(k)s. SIMPLE plans generally are not subject to ERISA (Employee Retirement Income Security Act), so these filings are not required.

Q: Is the employer required to make an annual contribution on behalf of employees?

A: Yes. An employer has two options available satisfying this requirement: 1) fully vested, dollar-for-dollar matching contributions up to 3% of employees’ compensation, or 2) fully vested, non-elective contributions of 2% of each employee’s compensation.

Tip: An employer has the ability to reduce the matching contribution to less than 3%, but not less than 1%, in two out of any five years.

Q: Can an employer make additional contributions?

A: No. SIMPLE contributions are limited to 1) a rollover from another eligible employer plan, 2) employee pretax salary deferrals, and 3) an employer match, or non-elective contribution. No additional contributions are permitted.

Q Can I contribute to both a SIMPLE IRA and an IRA (traditional or Roth)?

A: Yes. Assuming you’re eligible, you can contribute up to $5,500 ($6,500 if you’re age 50+) in your traditional or Roth IRA in addition to funding your SIMPLE IRA.

Q: What correction methods are available if a mistake was made operating a SIMPLE plan?

A: The IRS has a number of resources available to assist you in correcting plan errors (as explained here). We urge you to discuss any plan issues with a financial professional and/or a tax professional.

To comply with Treasury Department regulations, we inform you that, unless otherwise expressly indicated, any tax information contained herein is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed under the Internal Revenue Code or any other applicable tax law, or (ii) promoting, marketing, or recommending to another party any transaction, arrangement, or other matter.

The information is being provided for general educational purposes only and is not intended to provide legal or tax advice. You should consult your own legal or tax advisor for guidance on regulatory compliance matters. Any examples provided are for informational purposes only and are not intended to be reflective of actual results and are not indicative of any particular client situation.

The information provided is not directed at any investor or category of investors and is provided solely as general information about Lord Abbett's products and services and to otherwise provide general investment education. None of the information provided should be regarded as a suggestion to engage in or refrain from any investment-related course of action as neither Lord Abbett nor its affiliates are undertaking to provide impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity. If you are an individual retirement investor, contact your financial advisor or other fiduciary about whether any given investment idea, strategy, product or service may be appropriate for your circumstances.

Traditional IRA contributions plus earnings, interest, dividends, and capital gains may compound tax-deferred until you withdraw them as retirement income. Amounts withdrawn from traditional IRA plans are generally included as taxable income in the year received and may be subject to 10% federal tax penalties if withdrawn prior to age 59½, unless an exception applies.

A Roth IRA is a tax-deferred and potentially tax-free savings plan available to all working individuals and their spouses who meet the IRS income requirements. Distributions, including accumulated earnings, may be made tax-free if the account has been held at least five years and the individual is at least 59½, or if any of the IRS exceptions apply. Contributions to a Roth IRA are not tax deductible, but withdrawals during retirement are generally tax-free.

A SIMPLE IRA plan is an IRA-based plan that gives small-business employers a simplified method to make contributions toward their employees’ retirement and their own retirement. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or nonelective contributions. All contributions are made directly to an individual retirement account (IRA) set up for each employee (a SIMPLE IRA). SIMPLE IRA plans are maintained on a calendar-year basis.

A simplified employee pension plan (SEP IRA) is a retirement plan specifically designed for self-employed people and small-business owners. When establishing a SEP-IRA plan for your business, you and any eligible employees establish your own separate SEP-IRA; employer contributions are then made into each eligible employee’s SEP IRA.

A 401(k) is a qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on an aftertax and/or pretax basis. Employers offering a 401(k) plan may make matching or nonelective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.

A 403(b) plan is a retirement savings plan that allows employees of public schools, nonprofit, and 501(c)(3) tax-exempt organizations to invest on a pretax and or Roth aftertax basis. Contributions to a 403(b) plan are conveniently deducted directly from your paycheck. In addition, your employer may elect to make a contribution on your behalf.

A 457 or 457(b) plan is a type of qualified, tax advantaged deferred-compensation retirement plan that is available for governmental and certain non-governmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre-tax or after-tax (Roth) basis.

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You are leaving the Lord Abbett U.S. investor website and entering a Lord Abbett website intended for non-U.S. investors. If you are an investor located in the U.S., then the following website is not directed at you and you should not proceed.

You are leaving the Lord Abbett U.S. investor website and entering a Lord Abbett website intended for non-U.S. investors. If you are an investor located in the U.S., then the following website is not directed at you and you should not proceed.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Lord Abbett Funds. This and other important information is contained in the fund's summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, you can click here or contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388. Read the prospectus carefully before you invest or send money.

The information provided is not directed at any investor or category of investors and is provided solely as general information about Lord Abbett’s products and services and to otherwise provide general investment education. None of the information provided should be regarded as a suggestion to engage in or refrain from any investment-related course of action as neither Lord Abbett nor its affiliates are undertaking to provide impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity. If you are an individual retirement investor, contact your financial advisor or other fiduciary about whether any given investment idea, strategy, product or service may be appropriate for your circumstances.